Not only defined benefit but defined benefit linked to salary of the job title so as pay increases after you retire the pension increases.
Increasing pension retirement age was needed but all our politicians wanted to be populist and ignored the growing elephant in the room.
And? You think 150k is not enough? Is the public sector body he is in charge of delivering quality of service that justifies his wages?
Starting teachers are on 30k a year for a part time job.
You seem to live in a bubble.
The Single Pension Scheme for new joiners from 2013 isnât a defined benefit scheme.
Plus there is an additional deduction off the salary as a type of âpension contributionâ. This is along with the pension related deduction brought in after the bust.
But hey - who cares about the facts?
Itâs a she actually.
And yes, 5,000 enployees mean she has pressure.
The facts are pension bill grew by 30 billion in 3 years and the gap between contributions to pension and pension payments is about 3 billion and growing.
Aging population. Fewer tax payers. Retire at 65. Who will pay the level of tax to sustain that.
That has nothing to do with my point.
The liability has increased sharply in recent years â up to 150 billion from an estimate of âŹ114 billion in 2017 â driven up by increasing life expectancy and by assumptions about interest rates and inflation. The money to pay these pensions each year comes out of general Government spending. The bill is already increasing â an analysis undertaken for the Government said the annual gross cost of public sector pensions would rise from âŹ3.4 billion in 2017 to âŹ5.3 billion in 2025
Every pay increase also increases pension bill.
The money wonât be there for a lot of people when they expect to get it.
Every job has pressure. Is she delivering?
More pressure in private sector which is why they generally pay better. Maybe she should stop moaning and apply for a different job?
More pressure in the private sector?
So people can get richer disguised as some level of huge importance? Sounds like the banking sector around 2007.
She isnât morning. I never said she was.
I see you ignored the point that their original salaries were too high in the first place.
Banks are private institutions mate. We are on the hook for them to the tune of 84 billion.
But hey, pick on the public sector as the problem.
To be fair mate, I think the majority of public sector workers are doing a decent job.
Likes of new teachers were screwed by the crisis - the timing is not great though for private sector works.
But this clownshoe of a government are completely at sea.
Thatâs completely unrelated mate. Banks being cunts doesnât mean that public sector workers should have their pay restored to unsustainable and undeserved levels when all other aspects of their remuneration and working conditions.
âThe demographics will take care of themselvesâ sez MLMD
What are you basing that on, that most public sector workers are doing a good job?
Who says they are underserved?
And the public sector has had additional salary deductions that are still in place, along with numerous pay agreements.
I think they are overall. Like most people, public sector workers donât get up in the morning to do a bad job at anything theyâre at in fairness.
There are exceptions to the rule obviously, but this increase today is immaterial in the greater scheme of things at the moment, mate.
What is the lockdown costing per week etc, the timing is not good - totally agree with you on that.
I do. The problem is that they lump everyone in together so that workshy wasters get the same pay bumps as those who deserve it. It is a rotten system designed to reward everyone regardless of performance which leads to demotivating anyone who wants to get on and improve.
That is a fair point.